SEGMENT INFORMATION

6 Months Ended

Dec. 31, 2020

SEGMENT INFORMATION

SEGMENT INFORMATION

11.    SEGMENT INFORMATION

We manage our business under two reportable segments, consisting of the acquisition and management of stream interests and the acquisition and management of royalty interests. Royal Gold’s long-lived assets (stream and royalty interests, net) are geographically distributed as shown in the following table (amounts in thousands):

	As of December 31, 2020						As of June 30, 2020
					Total stream						Total stream
	Stream		Royalty		and royalty		Stream		Royalty		and royalty
	interest		interest		interests, net		interest		interest		interests, net
Canada	$	661,172	$	184,601	$	845,773	$	702,732	$	189,855	$	892,587
Dominican Republic		384,322		—		384,322		406,469		—		406,469
Chile		267,334		224,116		491,450		277,661		223,922		501,583
Africa		253,856		321		254,177		215,463		321		215,784
Mexico		—		71,843		71,843		—		75,951		75,951
United States		—		115,427		115,427		—		159,445		159,445
Australia		—		29,161		29,161		—		30,006		30,006
Rest of world		12,038		27,789		39,827		12,038		25,050		37,088
Total	$	1,578,722	$	653,258	$	2,231,980	$	1,614,363	$	704,550	$	2,318,913

Our reportable segments for purposes of assessing performance are shown below (amounts in thousands):

	Three Months Ended December 31, 2020
	Revenue		Cost of sales (1)		Production taxes		Depletion (2)		Segment gross profit
Stream interests	$	107,719	$	24,859	$	—	$	40,226	$	42,634
Royalty interests		50,641		—		1,401		7,635		41,605
Total	$	158,360	$	24,859	$	1,401	$	47,861	$	84,239
	Three Months Ended December 31, 2019
	Revenue		Cost of sales (1)		Production taxes		Depletion (2)		Segment gross profit
Stream interests	$	89,625	$	21,077	$	—	$	32,181	$	36,367
Royalty interests		34,018		—		984		7,801		25,233
Total	$	123,643	$	21,077	$	984	$	39,982	$	61,600

	Six Months Ended December 31, 2020
	Revenue		Cost of sales (1)		Production taxes		Depletion (2)		Segment gross profit
Stream interests	$	214,222	$	46,760	$	—	$	79,253	$	88,209
Royalty interests		91,018		—		2,756		14,822		73,440
Total	$	305,240	$	46,760	$	2,756	$	94,075	$	161,649
	Six Months Ended December 31, 2019
	Revenue		Cost of sales (1)		Production taxes		Depletion (2)		Segment gross profit
Stream interests	$	176,606	$	41,188	$	—	$	63,643	$	71,775
Royalty interests		65,811		—		2,083		15,000		48,728
Total	$	242,417	$	41,188	$	2,083	$	78,643	$	120,503

(1) Excludes depreciation, depletion and amortization

(2) Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income.

A reconciliation of total segment gross profit to the consolidated Income before income taxes is shown below (amounts in thousands):

	Three Months Ended				Six Months Ended
	December 31,		December 31,		December 31,		December 31,
		2020		2019		2020		2019
Total segment gross profit	$	84,239	$	61,600	$	161,649	$	120,503
Costs and expenses
General and administrative expenses		6,789		6,665		14,244		14,108
Exploration costs		—		1,514		563		4,140
Depreciation and amortization		84		114		170		167
Gain on sale of Peak Gold JV interest		—		—		(33,906)		—
Operating income		77,366		53,307		180,578		102,088
Fair value changes in equity securities		(382)		222		2,158		(1,153)
Interest and other income		613		226		1,034		1,001
Interest and other expense		(1,578)		(2,217)		(3,454)		(5,051)
Income before income taxes	$	76,019	$	51,538	$	180,316	$	96,885

Our revenue by reportable segment for the three and six months ended December 31, 2020 and 2019 is geographically distributed as shown in the following table (amounts in thousands):

	Three Months Ended				Six Months Ended
	December 31,		December 31,		December 31,		December 31,
	2020		2019		2020		2019
Stream interests:
Canada	$	54,302	$	38,191	$	95,888	$	75,854
Dominican Republic		27,554		23,614		58,824		45,232
Chile		17,766		20,665		41,275		41,269
Africa		8,097		7,155		18,235		14,251
Total stream interests	$	107,719	$	89,625	$	214,222	$	176,606
Royalty interests:
United States	$	17,090	$	10,012	$	30,788	$	20,614
Mexico		15,174		9,376		26,751		15,763
Australia		8,314		3,546		12,856		7,348
Canada		6,047		8,037		13,458		16,958
Africa		744		911		1,494		1,606
Rest of world		3,272		2,136		5,671		3,522
Total royalty interests	$	50,641	$	34,018	$	91,018	$	65,811
Total revenue	$	158,360	$	123,643	$	305,240	$	242,417